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Property, Plant, Equipment and Software, net
 12 Months Ended
Jun. 30, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant, Equipment and Software, net Property, Plant, Equipment and Software, net
 
Property, plant, equipment and software, net consisted of the following components at June 30, 2024 and 2023:

 June 30,
($ in millions)20242023
Land$40.6 $40.0 
Buildings and building equipment562.7 555.5 
Machinery and equipment2,454.4 2,391.1 
Capitalized software225.3 220.5 
Construction in progress68.2 92.7 
Total at cost3,351.2 3,299.8 
Less: accumulated depreciation and amortization2,016.0 1,916.0 
Total property, plant, equipment and software, net$1,335.2 $1,383.8 
 
The estimated useful lives of depreciable assets are as follows:
 
Asset Category Useful Life
(in Years)
Buildings and building equipment 
10 – 45
Machinery and equipment 
3 – 30
Capitalized software
3 – 15
Depreciation for the years ended June 30, 2024, 2023 and 2022 was $111.8 million, $107.9 million and $107.6 million, respectively. Amortization related to capitalized software amounted to $16.3 million, $16.3 million and $16.9 million for the years ended June 30, 2024, 2023 and 2022, respectively. As a result of the actions taken to streamline operations in the Carpenter Additive business, the Company announced the planned closure of the Carpenter Additive operations in the United Kingdom. As a result, the Company recorded impairment charges of $8.8 million related to property, plant, equipment and software during fiscal year 2024.